Tether’s top government affairs executive has taken the reins of one of crypto’s deepest-pocketed political operations as the industry gears up for the 2026 midterms.
Jesse Spiro, head of government affairs at stablecoin giant Tether, was named chair of Fellowship PAC earlier this month. The crypto-aligned super PAC says it has more than $100 million ready to deploy in next year’s races, putting it among the largest political players focused on crypto interests.
Fellowship’s first public moves have been swift. The group reported a $300,000 ad buy supporting Clay Fuller, the Republican who won the special election for Georgia’s 14th Congressional District. That expenditure was filed with the Federal Election Commission and disbursed this week, about a month ahead of Georgia’s Republican primary on May 19. The PAC also publicly posted a slate of endorsements on X, backing Republican campaigns in multiple states:
- Alan Wilson for South Carolina governor
- Blake Miguez for Louisiana’s 5th Congressional District
- Mike Collins for a Georgia Senate seat
- Julia Letlow for a Louisiana Senate seat
- Pete Ricketts for Nebraska’s Senate race
- Nate Morris for Kentucky’s Senate contest
Fellowship’s emergence echoes a broader trend: in the 2024 cycle, Fairshake PAC—a different crypto-backed group—spent more than $130 million on congressional contests, and some analysts argue that crypto money helped shape results in several battleground races, including the Ohio Senate contest. Fellowship appears to be pursuing a similar heavy-spending strategy as the industry seeks to influence the political landscape ahead of 2026.
As a super PAC, Fellowship can accept unlimited contributions from individuals, corporations, unions, and other PACs, provided its expenditures remain independent of the candidates it supports. Fellowship filed its statement of organization in 2025, but its financial backers have not been publicly disclosed—a common, legal feature of many such groups.
The PAC’s rise comes as major crypto legislation stalls in Washington. The CLARITY Act—passed by the House in July and intended to be a sweeping regulatory framework for crypto and banking—has hit resistance in the Senate over ethics provisions, rules around yields on stablecoin holdings, and how tokenized equities would be treated. The Senate Banking Committee reportedly considered reviewing the bill, but no hearing date has been scheduled, and a second Senate panel would also need to sign off before the full chamber could vote. With control of key seats potentially shifting in the midterms, those elections may be decisive for the bill’s future.
Bottom line: with a six-figure ad buy already on the books and a seven-figure war chest publicly touted, Fellowship PAC — now chaired by a senior Tether official — is positioned to be a major force shaping both 2026 campaigns and the political calculus around crypto regulation.
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